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They are well respected and do major deals. I think of them as a leader in their space, which is niche. I would think of them as a specialized I-banking operation, the analyst roles should fit in that box. Exit ops would probably be similar to other boutique/niche REIB, but I would drill further as I'm not as sure what you will learn as analyst there.
I would think you would get exposure to a lot of legit institutional real estate operators and fund managers (their clients) as well as parts of the REPE space, so going to work for a client seems like a logical/possible path.
Yeah my big question is how much analytical work / modeling would be involved in the day to day workflow. Would like to move to REPE eventually so positioning myself for that jump is going to be important. Transactions they work on are incredibly impressive, so it makes sense that the exit ops are very good.
That's a good question. Capital raising and general fund advisory is very different from analyst work on real estate deals from an acquisition or asset mngt perspective. This is more pure 'capital markets'. I would think you be putting together pitch books and decks for the placements, but 'modeling' may be minimal (not really sure to be honest).
I don't think they would need to 'underwrite' unless they are taking a risk-based position, my assumption is that generally work on a percentage fee based and/or retainer based model.
If you wanted to work in REPE, you would be most naturally structured to move to capital markets/investor relations (general assumption) than say acquisitions/asset mngt.
Again, I only know them by reputation (which is really good btw), so exactly you would be doing requires better due diligence.
I really like this group. We have done a few deals with them and all the analysts are sharp as they run point on the deals (at least the ones for us). The work would probably be the standard across the board for d/e analysts.
I could be wrong, but all the deals we've received from them are hotels, so I believe that's the focus. Exits could be operators and managers as said above. Your main exits in a role like this will usually be your clients so gotta make sure to grease them up 6 months to a year before you switch!
Much appreciated insight - thank you
Are you confusing them with Hodges Ward Elliott ? Hodges Ward Elliott is a major player in the hotel brokerage/capital markets space but I think Hodes Weill only focuses on fund placement and real estate fund M&A.
Ah you are correct, good call. Must have had too much whiskey in my coffee this AM
OP - ignore my advice on the matter, but the exit op strategy works regardless.
Not familiar with what analysts do day-to-day but looked into them before and from what I had gathered from LinkedIn searches they have had strong exits in the past for analysts to Angelo Gordon, AllianceBernstein, Rockpoint, and Greystar (acquisitions groups not cap raising/investor relations too). So I assume the work must be at least somewhat quantitative for the analysts to exit to shops like those.
is greystars acq group more prestigious than cap rasing/ir group?
Depends on what you want to do long-term, but I'd say yes.
On WSO, sure Greystar acq is more prestigious. Out in the real world, who would actually compare the two???
They are a very solid group. I’ve worked in groups that were a direct competitor to them on the capital markets side, and you would get good experience working there, especially at a time like this.
Lifestyle and hours will likely be a little intense as they tend to run lean, and are always doing deals, but that’s a good thing nowadays.
One piece of advice is to get assigned deals that have a strong property underwriting component. In addition to fundraising, they do LP recaps, secondary position sales, etc., which will require you to run what looks more like an I-sales process. If you can get good at that and also understand how to layer in the equity financing, you’ll have very good exit opportunities in a capital markets role at either a manager or operator.
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